BUSINESS

HALAL INDUSTRY TO EXPAND TO US$113.2 BLN BY 2030, GDP CONTRIBUTION 8.1 PCT BY 2025 -- TENGKU ZAFRUL

23/03/2023 02:07 PM

KUALA LUMPUR, March 23 (Bernama) — Malaysia’s halal industry is projected to expand to US$113.2 billion (US$1=RM4.43) by 2030, with a gross domestic product (GDP) contribution of 8.1 per cent by 2025 through the Halal Industry Master Plan 2030 (HIMP 2030).

International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the ministry is fully committed to continuing to enhance all components of the halal ecosystem towards elevating Malaysia’s position as a key player in the global halal market and capitalising on the two-billion-strong global Muslim population.

“In achieving these objectives, the Ministry of International Trade and Industry (MITI) and its agencies have already started work to position the industry as a lucrative and competitive sector, particularly for small and medium enterprises (SMEs),” he said in a statement, in conjunction with the launch of HIMP 2030 at Parliament today.

HIMP 2030 was launched by Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, who is also the chairman of the Malaysian Halal Development Council.

Also present were Deputy Finance Minister Datuk Seri Ahmad Maslan as well as Tengku Zafrul.

Under the HIMP 2030, which is themed “Prominent, Visible and Globalised Halal Malaysia”, Tengku Zafrul said a total of 23 initiatives have been identified to anchor seven strategic thrusts and capitalise on opportunities and address challenges.

The strategic thrusts are enhancing halal-friendly policies and legislation; creating new and bigger market spaces for Malaysia’s halal products and services; establishing a larger pool of halal experts and professionals to meet global needs; and enhancing the quality and integrated infrastructure development.

It also consists of fostering thought leadership; producing more home-grown halal champions; as well as facilitating more competitive Bumiputera participation in the halal industry.

“MITI is honoured to be the strategic driver for the HIMP 2030, with strong execution support by our agency, the Halal Development Corporation,” he said.

Tengku Zafrul noted that one of MITI’s priorities for 2023 was to expand trade, for which halal goods and services could play a more prominent role.

“HIMP 2030 will be driven by five key target outcomes, which include having a robust and diversified domestic halal industry; offering end-to-end Shariah compliance; enhancing the ease of doing business in Malaysia; having a competitive business ecosystem; and promoting ‘Halal Malaysia’ globally,” he said. 

According to MITI, Malaysia’s halal exports continued with its growth trajectory in 2022 with a total halal export value of RM59.46 billion, an increase of RM23.16 billion or 63.8 per cent from the previous year.

In terms of sectoral contribution, it said food and beverages continue to be the main contributor to the Malaysian halal economy with RM27.84 billion in total export value, representing 46.8 per cent of total Malaysian halal exports.

“The second largest contributor is halal ingredients, which also recorded a significant increase of 73.1 per cent from 2021 to RM23.35 billion or 39.3 per cent of total halal exports,” MITI said.

Meanwhile, the cosmetics and personal care sector remains the third largest contributor with RM3.49 billion total halal export value, an increase of 43.5 per cent from 2021.

Meanwhile, palm oil derivatives grew 63.6 per cent from 2021 to RM2.79 billion, representing 4.7 per cent of halal exports.

“The industrial chemical sector increased 69.7 per cent from 2021 to RM1.27 billion, while pharmaceuticals recorded the highest growth with a 156.7 per cent increase from 2021, contributing RM0.72 billion or 1.2 per cent of total halal exports,” it said. 

— BERNAMA

 

 


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